Touch Bank, a retail online bank of the international financial group OTP, has implemented decision management and analytics technology from analytic software company Fico to offer customized banking services powered by accurate customer insights and tailored to an individual customer’s needs.
Touch Bank, which launched in Russia in April 2015, has partnered with FICO to build a new financial services platform driven by customer insights derived from multiple Big Data sources, not just credit history. When all basic technology elements supporting Touch Bank’s card-based product offering are deployed, a client will be offered a range of customized financial services they can use at their discretion at any time, activating or deactivating any financial product. The bank will set a credit limit with a personalized rate to match an individual borrower’s profile or offer more favorable repayment terms.
This personalized approach to providing financing services is enabled by FICO® Model Builder, which accelerates Big Data analysis to derive accurate customer insights.
The entire technology platform operates in real-time, processing all client data automatically in FICO® Blaze Advisor® decision rules management system. FICO Blaze Advisor and FICO Model Builder are both components in the FICO® Decision Management Suite, a technology platform that provides an easy way for businesses to evaluate, customize, deploy and scale state-of-the-art analytics and decision management solutions.
Andrei Kozliar, Touch Bank’s CEO, said: “We are delighted to have partnered with FICO. Touch Bank is focused on high-tech solutions, agility, flexibility and an individual approach to offering banking products and providing services to our clients. The FICO solutions we have deployed will enable Touch Bank to instantly and thoroughly explore massive amounts of data obtained from various sources and build predictive models that drive customized offers for the bank’s clients.”
“Touch Bank is using analytics and automation to deliver highly tailored services to its customers,” said Evgeni Shtemanetyan, who directs FICO’s operations in Russia from the company’s Moscow office. “This kind of innovation is making Touch Bank a rising star in Russia’s financial services sector.”